Global Subsea Pumps Market: Snapshot
The global subsea pumps market is primarily dependent on the advancement of offshore hydrocarbon reserves across numerous regions. Owing to the increasing inclination of recoverable oil and gas reserves toward ultra-deep water and deep water reservoirs, the technology of subsea pumping and other related technologies are poised to gain importance. The players in this market have been competing in terms of both technology and prices.
The global subsea pumps market stood at US$0.9 bn in 2013 and is predicted to reach US$1,539.1 mn by 2020, rising at a 7.10% CAGR between 2014 and 2020. The market is poised to rise owing to the increasing count of subsea projects and the advancement of subsea technologies. In addition, the growing requirement to fuel the production of the already present brownfield oil and gas projects and offshore Greenfield will also positively impact market development. The increasing oil and gas upstream expenditures also fuel the demand for subsea pumps. Furthermore, the developments in subsea technologies ensure top operational abilities and huge economic benefits. The untapped markets for oil and gas reserves and the newly discovered oilfields present key opportunities in the global subsea pumps market.
High Employment of Helicon-Axial Subsea Pumps in Oil and Gas Boosting Operations
There are mainly four types of products present in the market, namely helico-axial, centrifugal, electrical submersible pump (ESP), and others including hybrid pump, counter-axial, and twin-screw. Of these, the segment of helicon-axial led the market in 2013. These kind of subsea pumps are mainly employed in oil and gas boosting operations. This segment is poised to lead the market and will rise at the highest growth rate over the forecast horizon. On the other hand, ESPs have emerged as an effective and economical means for lifting of process fluids from immense depths in harsh environmental conditions. ESPs are made for operating at flow rates ranging between 1000 barrels per day and 20,000 barrels per day.
Stable Political System to Make Brazil a Lucrative Market
Geographically, the report categorizes market into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa (MEA). Of these, the Latin America subsea pumps market led the market for subsea pumps in 2013 and is poised to maintain its superiority over the forecast horizon. In Latin America, Brazil is amongst the most swiftly developing nations due to the development of subsea technologies and infrastructure in this nation. In addition, a stable political system and currency makes this nation promising for investments by companies operating in production and exploration. Furthermore, in Brazil, financial stimulus and supportive government policies will be also be augmenting the development of the market. The pre-salt reserves’ development in Brazil’s deep water basins is also amongst the key factors increasing investments within subsea technologies of this nation.
On the other hand, the Middle East and Africa (MEA) trailed Latin America on the basis of market share in 2013. This swift advancement in subsea production systems for deployment within deep water offshore hydrocarbon reserves within the West coast of Africa has immensely driven subsea pumps installations. In addition, huge installations of both ESP and helicon-axial subsea pumps have been planned in the region of MEA, which fill further drive the development of the market here.
The leading players in the global subsea pumps market are FMC Technologies, Inc., OneSubsea, General Electric Company, Aker Solutions ASA, Baker Hughes Incorporated, Flowserve Corporation, SPX Corporation, ITT Bornemann GmbH, Leistritz AG, and Sulzer Ltd., among others.
Global Subsea Pump Market: Overview
With the growing need to improve the yield of the existing offshore brownfield and greenfield oil and gas projects, the demand for subsea pumps has been experiencing a significant increase across the world. Analysts expect the trend to continue over the next few years, which is likely to reflect positively on the global market for subsea pumps in the near future.
According to Transparency Market Research (TMR), the worldwide market for subsea pumps, which held an opportunity worth US$0.9 bn in 2013, is likely expand at a CAGR of 7.10% during the period from 2014 to 2020 and reach a value of US$1.5 bn by 2020.
Global Subsea Pump Market: Trends and Opportunities
Currently, the advancements in the subsea technologies are having the most prominent impact on the global market for subsea pumps. The rise in upstream expenditures on the production of oil and gas is expected to influence this market in the near future.
The exploration of newly discovered oilfields and untapped potential oil and gas reserves is also projected to boost this market significantly over the forthcoming years. However, the worldwide subsea pumps market may be hampered by the decreasing prices of crude in the years to come.
Going forward, helicon-axial subsea pumps are likely to remain the most valued product in this market and subsea boosting will emerge as the prime application area for subsea pumps across the world in the next few years.
Global Subsea Pump Market: Geographical Analysis
Geographically, the global market for subsea pumps has been classified into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. With Brazil being a prominent center for the installation of subsea pumps, Latin America has surfaced as the dominant regional market for subsea pumps across the world. Researchers anticipate the scenario to remain very much the same over the next few years. The swift infrastructural development and the advancement in subsea technologies are the key driving forces behind the growth of the Latin America market for subsea pumps.
The Middle East and Africa is also expected to witness a remarkable rise in the market for subsea pumps over the forthcoming years. The increased deployment of subsea production systems in deepwater offshore hydrocarbon reserves situated on the West Coast of Africa is likely to boost the Middle East and Africa subsea pumps market significantly in the near future. The rising deployment of both, ESP and helico-axial subsea pumps, is also projected to drive this regional market’s growth in the years to come.
Companies mentioned in the research report
The global market for subsea pumps is fragmented and highly competitive in nature. Players operating in this market focus aggressively on product innovation to achieve an edge over their competitors.
Leistritz AG, Sulzer Ltd., SPX Corp., OneSubsea, ITT Bornemann GmbH, General Electric Co., FMC Technologies Inc., Flowserve Corp., Baker Hughes Inc., and Aker Solutions ASA are some of the leading vendors of subsea pumps across the world.
Key Segments of Subsea Pump Market
- Electrical Submersible Pump (ESP)
- Others (Twin Screw, Hybrid and Counter-axial)
- Subsea Boosting
- Subsea Separation
- Subsea Compression
- Subsea Injection
Major regions analyzed under this research report are:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments